The U.S. Senate will hold a final confirmation vote next week on the nominees for the chairs of the CFTC and FDIC

On Thursday, the Senate passed a joint resolution, S.Res.532, with a vote of 52 in favor and 47 against. The passage of this resolution marks an important step forward in the Senate’s process of confirming the top leadership of two of the United States’ leading cryptocurrency regulatory agencies.

A spokesperson for Senate Majority Leader John Barrasso stated on social media that the final votes for a total of 97 candidates, including President Trump’s nominees Mike Selig and Travis Hill, are expected to take place “early next week.”

This development signals that the leadership of U.S. cryptocurrency regulation is about to change hands. If the nominations are approved, Mike Selig will officially assume the role of Chair of the Commodity Futures Trading Commission (CFTC), and Travis Hill will officially become Chair of the Federal Deposit Insurance Corporation (FDIC).

Both agencies are expected to play central roles in the future U.S. crypto regulatory framework. The CFTC is anticipated to become the primary market regulator authorized by Congress legislation, while the FDIC will oversee stablecoin issuers and have decisive influence over banks serving the crypto industry.

In fact, even during the waiting period for final confirmation, the CFTC has demonstrated proactive regulatory initiatives, including establishing the “Chief Executive Officer Innovation Committee” for industry dialogue and introducing new rules allowing Bitcoin and Ethereum to be used as collateral for derivatives trading.

Furthermore, Hill’s official appointment will solidify his pro-cryptocurrency banking policies, which he has promoted during his tenure as acting FDIC Chair. Therefore, the final onboarding of these two officials is expected to inject greater certainty and continuity into the U.S. cryptocurrency regulatory policy.